Two former Parramatta Eels players are accused of harbouring semi-automatic weapons and possessing more than half-a-million dollars in cash after dramatic arrests in Sydney's Centennial Park yesterday.

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The pricey commission turned sour when racing authorities put the project on hold during the Peter Moody cobalt saga, leaving Mitchell without an income.

Moody, famed for training Black Caviar to 25 straight wins, was initially suspected of intentionally administering the performance enhancing drug. The charge was later downgraded to unintentionally administering the drug.

“(It’s) disappointing for that to have an effect on Black Caviar because I was extremely mindful of Black Caviar throughout my issues with racing authorities.”

“Maybe I was the thorn in the side of it all, I would imagine. But I think we got to build a bridge and move on and let’s get her out there for everyone to see.”

Black Caviar graces Vogue Australia. (Vogue)

Despite the project’s manager Bryan Martin, a former race caller, promising Mitchell a final $19,450 payment in an email obtained by A Current Affair, Racing Victoria said they don’t owe a cent.

“Racing Victoria completely refutes any suggestion that it made an offer of compensation to Mr Mitchell,” a Racing Victoria spokesman said.

“We have asked Mr Mitchell to deliver the statue and we’re hopeful this can be resolved as soon as possible.”

Mr Mitchell said the commission had dragged out for a nightmare three-and-a-half years when it typically takes him six months.

He was negotiating to build a bronze Floyd Mayweather statue in Las Vegas when he chose to return to Victoria for the Black Caviar commission in early 2014, but he claims the delays have cost him that and other commissions.

The sculptor, who has immortalised some of Australia’s most famous sports stars with bronze, admits he usually does business with a handshake.

“I went to (Sir Donald) Bradman’s house and had tea with him and shook his hand. The deal was done by a handshake,” he said.

“That’s how I do my deals.”

“All I want to do is complete this sculpture and put it in Caulfield Race Course like I was commissioned to do … because I have in fact done some sculptures in the past and I’ve never let anyone down.”

Asked by King what he would do if racing authorities paid him $19,450, Mitchell said: “I’ll place it there with pride … I’ll shake their hand and never work for them again.”